Chief Executive update
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Hello, I’m Paul Schroder, Chief Executive of AustralianSuper, and I’m pleased to provide you with an update for the financial year to June 30, 2024.
This year, the Fund delivered positive investment returns for members and continues to be a top performer over the long term. The Balanced investment option, where most members invest, achieved a return of 8.46 percent this year, and the average annual return for this option, over the last 10 years, was slightly above eight percent.
The Balanced option for Choice Income pension accounts achieved a return of 9.25 percent this year, with an average annual return of 8.83 percent over the last 10 years.
Over the last year investment markets have been driven by strong growth in listed shares, in Australia and internationally. Technology advances and consumer spending have led to solid earnings growth for companies around the world.
On your behalf, we’re a very large investor in Australia and globally we’re on the ground in key financial markets, actively managing nearly $340 billion dollars for more than 3.4 million members. We remain focused on delivering strong, long-term returns, low fees, and great services to you.
Looking ahead, the team continues to adjust the portfolio to balance growth potential with risk. AustralianSuper has a strong track record of managing members’ retirement savings through market cycles. Superannuation is an investment you’ll have through your working life and into retirement, potentially 50 or 60 years, so it’s important to keep a long-term view.
Everyone’s retirement story is different. Whatever your story, we’re here to help you get the most out of your super when you retire. We want to provide you with world-class products and services at all stages, including those of you transitioning to retirement and those already retired.
This year, we’ve improved the service and support we provide members who need to make an insurance claim and to the loved ones of members who’ve died. We’ve strengthened the management of multiple member accounts, and continue to improve the experience members, like you, have with us.
We’re making it simpler, safer and easier for you to get the right help, information, guidance and advice you need.
All of us at AustralianSuper remain committed to supporting you to achieve your best financial position in retirement.
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FY24 year-end highlights
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Show transcript
AustralianSuper is the largest super fund in the country, and one of the largest in the world. In the 2024 financial year, more than 445,000 new members joined AustralianSuper. We now manage over $340 billion of retirement savings on behalf of more than 3.4 million members. We use our size, scale and expertise to access investment opportunities that may not be available to smaller funds, and to charge low admin fees for members.
This helps us to deliver on our purpose – to help members achieve their best financial position in retirement. Members are at the heart of everything we do and we’re a proud profit-for-member fund. This means we don’t pay profits or dividends to shareholders; profit we make is for members.
For the year ended 30 June 2024, the Balanced investment option for super accounts, where most members are invested, returned 8.46%. Over the last 10 years, the Balanced investment option has delivered an average annual return of 8.07% and 9.26% since the Fund started 38 years ago. The Balanced investment option for Choice income accounts returned 9.25% over 1 year and an average annual return of 8.83% over the last ten years.
It’s important to remember that super is a long-term investment. By staying invested in a diversified portfolio your super has more opportunity to grow over time.
This year we supported members via our contact centre, website, member portal, mobile app, and with help, education, and advice. We launched the Elements of Retirement digital guide. And we provided over 1.5 million members with affordable insurance cover. We established a Bereavement Centre to help loved ones making a claim following the passing of a member. We’ve also re-orientated processes and services to respond more efficiently to member complaints, and to improve insurance claims assessment and processing times. And we paid over $700 million in claims to more than 12,000 members or their loved ones.
AustralianSuper’s investments in Australia have doubled over the past five years. With more than $165 billion invested locally, we’re committed to supporting the Australian economy.
We’re also a large global investor and have investment teams in London and New York to source attractive investment opportunities and help deliver better returns for members.
Australia has one of the best superannuation systems in the world, designed to help you stay invested so your retirement savings can grow over the long term. AustralianSuper is committed to advocating for members and for ongoing improvements to our world-leading system. We want all Australians to live well in retirement.
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